Objectives Of International Financial Reporting Standards Foundation

The international financial reporting standards foundation or ifrs foundation is a nonprofit accounting organisation its main objectives include the development and promotion of the international financial reporting standards ifrss through the international accounting standards board iasb which it oversees.

Objectives of international financial reporting standards foundation. 3353113 and is registered as an overseas company in england and wales reg no. The international financial reporting standards foundation is a not for profit corporation incorporated in the state of delaware united states of america with the delaware division of companies file no. We will focus on two key accounting standard setting bodies namely international accounting standards board iasb and financial accounting standards board fasb that have developed similar financial reporting standards called international financial reporting standards ifrs and the generally accepted accounting standards u s. They constitute a standardised way of describing the company s financial performance and position so that company financial statements are understandable and comparable across international boundaries.

The objectives of the ifrs foundation are. Objectives of the ifrs foundation. The international financial reporting standards foundation or ifrs foundation is a nonprofit accounting organisation. Objectives of financial reporting.

International financial reporting standards commonly called ifrs are accounting standards issued by the ifrs foundation and the international accounting standards board iasb. Its principal objectives are. Its main objectives include the development and promotion of the international financial reporting standards ifrs standards through the international accounting standards board iasb which it oversees. The challenge of international capital market is to reduce or eliminate the differences in the reporting standards to produce a level playing field for financial reporting and to help create more.

To develop in the public interest a single set of high quality understandable enforceable and globally accepted financial reporting standards based upon clearly articulated principles.